New electric MG4 hatchback to make low-emissions motoring more affordable

Four new MG EV models have launched: the MG4 51kWh Excite, MG4 64kWh Excite, the MG4 64kWh Essence and the MG4 77kWh Essence (Long Range). 

MG Motor Australia and New Zealand CEO, Peter Ciao, described the MG4 as the best-value EV currently on sale in Australia at $38,990, plus on-road costs.

Source: MG Motor

According to MG, the 64kWh battery is capable of recharging at up to 140kW, meaning a charge time of only 26 minutes from 10% - 80% using a 150kW DC rapid charger.

Additionally, these vehicles are set to carry MG’s trademark 7-year unlimited kilometre warranty as standard, which is understood to be one of the longest fully transferable warranties in the country.

Interest in electric motoring is accelerating in Australia, with EVs regularly featuring in lists of top-selling vehicles nationwide. For example, the Tesla Model Y (priced from $65,400 in August 2023) was the number two top-seller in July 2023, while the Tesla Model 3 (priced from $57,400 in August 2023) was the third-highest selling car in February 2023 according to the Federal Chamber of Automotive Industries (FCAI).

FCAI chief executive, Tony Weber, has previously said that growing sales of EVs proves there is an appetite among Australians for environmentally friendly vehicles, and that if “a battery electric product exists which suits the driving habits, needs and finances of Australian motorists, they will purchase these vehicles.”

The steady introduction of new battery electric models across all model segments at more competitive price points is critically important as we deal with the challenges of supplying electric vehicles that meet business and personal consumer needs at prices the mainstream buyers can afford...However, if we wish to accelerate this transition to a broader range of consumers in all parts of the country, Australia needs to adopt a fuel efficiency standard.

While affordability is an important consideration when switching to electric, it’s not the only thing to consider. Other factors worth thinking about include:

• The type of EV (e.g. Battery Electric or Plug-in Hybrid)
• The range
• Seating and cargo space
• Safety 

You may also want to consider whether the necessary infrastructure is available to make a purchase worthwhile. For example, do you have convenient access to a power source to charge your EV, or would you need to also finance the purchase of a compatible charging station for your home? And is public or private charging infrastructure available in the areas where you plan to regularly drive?

To help you purchase an EV or similar fuel-efficient vehicle, several lenders offer green car loans, which often have stricter eligibility requirements but lower interest rates. And to help you add a charger or similar green infrastructure to your home, you could consider a green personal loan or even refinancing to a green home loan to access the equity you need.